(MENAFN- ProactiveInvestors)
Moreton Resources (ASX:MRV) has renewed its Mineral Development Licence 385 in the Tarong Basin Queensland.
The renewal of MDL385 through to 2019 grants the company to make strategic and investment decisions early in 2015.
In August the company upgraded JORC resources at MDL385 to 221 million tonnes of thermal coal with a cut-off grade of 40% ash.
A high level mining concept study has indicated that this could support a mine life of 30 years at a production rate of 5 million tonnes per annum.
Critical coal quality analysis confirmed a product specification of 28% Ash or lower would allow more than half of the product to be by passable leaving less than half requiring wash plant treatment to meet the 28% specification.
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